Jared Grey on the SEC Investigation
The head chef of Sushi, the Japan-based decentralized autonomous organization (DAO), Jared Grey, recently provided some much-needed clarity regarding the ongoing investigation by the United States Securities and Exchange Commission (SEC). In a detailed FAQ format, Grey addressed the primary concerns of the Sushi community, asserting that, as far as he knows, no one associated with Sushi is guilty of U.S. federal security law violations.
Cooperation with the SEC
Grey reassured the community about his cooperation with the SEC’s subpoena, maintaining that the investigation doesn’t necessarily equate to any wrongdoing on the part of Jared, the Internet Three Software Company, or Sushi itself. He laid it all out, stating, “The investigation does not imply any negative conclusions about us or our practices.” It seems like a classic case of ‘we’re all just trying to play nice’ in the chaotic world of crypto.
Sushi DAO’s Legal Defense Fund
In response to the subpoenas, Grey proposed a $3 million legal defense fund. This fund aims to safeguard the operational continuity of Sushi and protect its core contributors from any potential legal hiccups. He added, with a hint of reassurance, that any unused funds would be refunded if all legal needs were satisfied. Because who doesn’t love the idea of a good old-fashioned refund?
What’s Next for Sushi?
Many in the community are keenly awaiting updates on Sushi’s newly deployed concentrated liquidity model, v3. As Grey tweeted, “We’ll be officially announcing V3 next week, but we have already seen a whopping 100% increase in V3 TVL in just 24 hours! Get ready for some exciting developments in the coming weeks!” So, get your popcorn ready, folks!
A Broader Context in the Crypto Space
This event comes in the wake of other DAOs, like MakerDAO, proactively establishing legal defense funds, showcasing the increasing focus on legal accountability in the crypto space. Who knew that decentralized organizations could face such centralized scrutiny? It’s enough to make anyone’s head spin—especially the heads of those who thought they could just fly under the radar. As the crypto world continues to evolve, one thing’s for sure: the complexities of law and decentralized finance (DeFi) will keep everyone on their toes!
